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Author: Amaka Nwaokocha, CoinTelegraph; Compiled by: Deng Tong, Bitchain Vision
Bitwise CEO Hunter Horsley predicts,Wealth management companies will increase holdings of Bitcoin Exchange-Trade Funds (ETFs).This forecast comes as Bitcoin ETF is expected to gain more attention after the halving.
Hosley’s forecast is consistent with the broader market belief that demand for ETFs continues to increase as Bitcoin investment in the U.S. Exchange-Trade Fund (ETF) market recorded before the Bitcoin halving day after five consecutive days of loss.Get the pure and righteous flow in.
BlackRock’s iShares Bitcoin Trust (IBIT) is closing the gap with Grayscale, with just $2 billion.This makes BlackRock the world’s largest Bitcoin fund possible.Grayscale’s Bitcoin Trust (GBTC) experienced a 68-day decline in value, losing nearly $16 billion and reducing assets to $19.4 billion.
Source: Hunter Horsley
In contrast, IBIT assets continued to grow, with total assets reaching approximately US$17.3 billion.However, Grayscale’s spot Bitcoin ETF experienced a significant capital outflow.In the past five days alone, investors have drew $89.9 million, resulting in a net outflow of $1.6 billion since January.
Despite being at the forefront of the early stage, Grayscale’s dominance in the Bitcoin ETF market appears to be weakening.Fidelity and BlackRock quickly gained a large market share after the deal began.For example, Fidelity and BlackRock Bitcoin ETFs, net inflows of $37.3 million and $18.7 million respectively in the same week, alleviating some liquidity issues in the market.
Bitwise CEO describes the adoption of Bitcoin ETFs by Registered Investment Advisors (RIA) and the Joint Family Office as “secret but significant.”He noted that major financial entities are carefully evaluating the Bitcoin market.
According to Farside data, GBTC outflows were $17.5 million on April 10, a significant decrease from the $154.9 million recorded on April 9.The previous low was February 26, when GBTC was outflowing $22.4 million.Since January, the average daily outflow of GBTC has been $257.8 million.
GBTC was launched in 2015 and converted to ETF in January, and after Grayscale won a lawsuit against the SEC, it also launched nine other spot Bitcoin ETFs, forcing it to review its previously rejected GBTC conversion offer.
Bankrupt cryptocurrency lending company Genesis recently sold about 36 million shares of GBTC to acquire 32,041 bitcoins.
